Recommendations
1. The FSA should provide enhanced overside of the Stewardship Code
2. Japanese regulation should provide for mandatory disclosure of proxy voting records
3. Corporate plans should be encouraged to sign the code
4. The FSA should review the Corporate Governance Code and seek improved disclosure of key ESG issues
5. The Ministry of Health, Labour ad Welfare should require pension schemes to disclose how they consider ESG in their investment processes and whether they are signatories to the stewardship code
6. The Ministry of Economy, Trade and Industry and the FSA should review the quality and comparability of ESG data disclosed by corporates
7. JPX should issue ESG reporting guidance for issuers
8. GPIF should lead in establishing market norms on stewardship, engagement and corporate governance
2. Japanese regulation should provide for mandatory disclosure of proxy voting records
3. Corporate plans should be encouraged to sign the code
4. The FSA should review the Corporate Governance Code and seek improved disclosure of key ESG issues
5. The Ministry of Health, Labour ad Welfare should require pension schemes to disclose how they consider ESG in their investment processes and whether they are signatories to the stewardship code
6. The Ministry of Economy, Trade and Industry and the FSA should review the quality and comparability of ESG data disclosed by corporates
7. JPX should issue ESG reporting guidance for issuers
8. GPIF should lead in establishing market norms on stewardship, engagement and corporate governance
Implementation
Next Steps and PartnersImmediate steps the project team will take forward to support the recommendation.
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There are no immediate plans to support the other recommendations at this time.